Abstract: A high speed asynchronous data multiplexer/demultiplexer system which multiplexes a quantity of independent and asynchronous data streams into a single packetized data stream and then demultiplexes and presents the original input signals at a remote site in their original form is described. The output bit rate of the demultiplexer is generated responsive to the packet arrival frequency of data from each particular channel and the output buffer fullness of that channel. This process reduces the amount of processing required, such that the effective bandwidth of the system can be greatly expanded.